Car allowance - Calling all tax guru's and petrol heads !!

Lum

Honestly that engine failure was the best thing that ever happened to me, and it happened for the most stupid reason.

I'd just had it serviced and all the belts replaced, even the timing belt, but the aircon belt was squealing. I took it back a few times and they tightened the belt each time. Turns out it was (probably) overtightened as it eventually bent the tensioner and cause the aircon belt to saw through the timing belt cover and eventually hit the timing belt itself. This being a 4WD car with a permanent 65/35 split favouring the rear = instant lift-off oversteer and I go backwards into a hedge.

That wrote the car off, so I didn't have to pay for a new engine, and the insurance paid out double what I personally valued the car at, so I went out and bought something sillier.

As for claiming back mileage. Check your payslips and P60s very carefully. I ended up overpaying 6 1/2 grand in tax due to poor accounting. Got it back eventually though. See my old thread.

20vt-rs

If anyone personally contract hires a car and has some good company recommendations, I'd appreciate some pointers in the right direction...

Been looking at basic google searches and there are stacks of options available, some of which unfortunately don't do online quotes and you need to call. Just want to do some basic sums now on the lease costs now that I know what my monthly budget is. Ideally looking for a low / zero deposit option!

Herzlos

Lum wrote: »

Silly, but moneysaving: Get a 2 litre car, get it bored out to 2001cc and registered as such with the DVLA. Also convert it to LPG and don't tell them.

Or just look for anything just over 2000cc (2.2 is probably the most common). Fuel economy difference will be negligable to a 2.0 litre

20vt-rs

Engine size on the new company rules doesn't matter anymore, PPM paid is based on mileage only now and not engine size...

20vt-rs

Another quick one on this thread, is it normal for people opting out to only be allowed by their company to get a PCP or a PCH? From what I gather where I am, if on an allowance you must do one or the other and cannot buy a second hand car.

Bearing this in mind, how does taking on credit like this impact your ability to get further credit or mortgages for example?

Any useful feedback or experience welcome!

Lum

Some companies have rules about your car's age, appearance etc. I've hot heard of the method of purchase being specified before.

I'd be wary about a PCP/PCH deal, if you end up getting made redundant then you could end up stuck with an expensive car that you no-longer want.

20vt-rs

Lum wrote: »

Some companies have rules about your car's age, appearance etc. I've hot heard of the method of purchase being specified before.

I'd be wary about a PCP/PCH deal, if you end up getting made redundant then you could end up stuck with an expensive car that you no-longer want.

Well I've checked this out and on the allowance you definitely have to PCP or PCH a car, it also cannot be convertible and must have 4 / 5 doors and be less than 5 years old.

So, bit concerned over this because as you quite rightly say, what happens if I get made redundant or move jobs, stuck with the car on a term to pay...